China's soybean needs to rise

China is likely to import 58 million metric tons
of soybeans in the current marketing year that began Oct. 1, up 11%
from last marketing year's 52.34 million tons, the state-backed China
National Grain and Oils Information Center said Wednesday.

The estimate was revised up by 3 million tons from April's forecast of 55 million tons.

Soybean imports for 2012-13 are likely to total 60 million tons, it said in a report.

The U.S. Department of Agriculture last week put China's 2011-12
soybean imports at 56 million tons and imports for 2012-13 at 61 million
tons.

Imports forecast for major agricultural commodities in 2011-12 and 2012-13 marketing year (unit in tons)